38.2-1054 - Duty of State Treasurer when securities deposited are paid. - Virginia Statutes

§ 38.2-1054. Duty of State Treasurer when securities deposited are paid.

When the principal of any securities deposited under this title is paid tothe State Treasurer, the money received shall be paid to the insurer.However, if the securities were required to be deposited under § 38.2-1045,the payment shall not be made until the insurer deposits an equal amount ofother securities of the character required for similar deposits. If theinsurer fails to deliver to the State Treasurer, within thirty days afterreceiving notice of this requirement, the securities necessary to maintainits required deposit, the State Treasurer with the approval in writing of theCommission, may use the money to purchase and hold other securities of therequired character.

(Code 1950, § 38-51; 1952, c. 317, § 38.1-118; 1986, c. 562.)